Toro expects a flat year for sales
A weakening economy and late spring season have put Toro’s second-quarter earnings 16.3 percent lower than the same quarter last year, according to the company.
The manufacturer of landscaping equipment reported net earnings at $62.8 million, down from $74.9 million last year.
Net sales were $638.5 million, down 7 percent from $686.7 as reported last year.
"We remain focused on managing our business in light of these difficult conditions and will continue to drive customer demand for our innovative products,” said Michael Hoffman, chairman and CEO.
For the year, the company expects net sales to roughly equal 2007, at $1.9 billion.